07 Aug Untangling retirement contracts

Entering a retirement village is a significant and expensive lifestyle choice. It can also be a legal nightmare. Our news is awash with stories of retirees and their families, locked into oppressive terms they never understood when they signed their 100-page doorstopper contract. How could they reasonably expect to be across the numerous individual agreements within such a document? Or grasp the shamelessly complex detail of everything from management and exit fees to carpark usage and village rules? Not to mention all the “defined terms” that leave non-lawyers, or even those with experience in other property transactions or leases, scratching their heads…

Thankfully, these shenanigans have been noticed by state and federal governments. They have indicated that they’ll rethink how retirement village residents are protected from unfair contracts.

At this stage, no-one knows what the extra protections will be, or when they’ll come on line, but we’ll keep you well informed. As they say, “Watch this space!”

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